- Guide to finding cheap airfare: http://su.pr/2pyOIq #
- As part of my effort to improve every part of my life, I have decided to get back in shape. Twelve years ago, I wor… http://su.pr/6HO81g #
- While jogging with my wife a few days ago, we had a conversation that we haven’t had in years. We discussed ou… http://su.pr/2n9hjj #
- In April, my wife and I decided that debt was done. We have hopefully closed that chapter in our lives. I borrowed… http://su.pr/19j98f #
- Arrrgh! Double-posts irritate me. Especially separated by 6 hours. #
- My problem lies in reconciling my gross habits with my net income. ~Errol Flynn #
- RT: @ScottATaylor: 11 Ways to Protect Yourself from Identity Theft | Business Pundit http://j.mp/5F7UNq #
- They who are of the opinion that Money will do everything, may very well be suspected to do everything for Money. ~George Savile #
- It is an unfortunate human failing that a full pocketbook often groans more loudly than an empty stomach. ~Franklin Delano Roosevelt #
- The real measure of your wealth is how much you'd be worth if you lost all your money. ~Author Unknown #
- The only reason [many] American families don't own an elephant is that they have never been offered an elephant for [a dollar down]~Mad Mag. #
- I'd like to live as a poor man with lots of money. ~Pablo Picasso #
- Waste your money and you're only out of money, but waste your time and you've lost a part of your life. ~Michael Leboeuf #
- We can tell our values by looking at our checkbook stubs. ~Gloria Steinem #
- There are people who have money and people who are rich. ~Coco Chanel #
- It's good to have [things that money can buy], but…[make] sure that you haven't lost the things that money can't buy. ~George Lorimer #
- The only thing that can console one for being poor is extravagance. ~Oscar Wilde #
- Money will buy you a pretty good dog, but it won't buy the wag of his tail. ~Henry Wheeler Shaw #
- I wish I'd said it first, and I don't even know who did: The only problems that money can solve are money problems. ~Mignon McLaughlin #
- Mnemonic tricks. #
- The Wilbur and Orville Wright Papers http://su.pr/4GAc52 #
- Champagne primer: http://su.pr/1elMS9 #
- Bank of Mom and Dad starts in 15 minutes. The only thing worth watching on SoapNet. http://su.pr/29OX7y #
- @prosperousfool That's normal this time of year, all around the country. Tis the season for violence. Sad. in reply to prosperousfool #
- In the old days a man who saved money was a miser; nowadays he's a wonder. ~Author Unknown #
- Empty pockets never held anyone back. Only empty heads and empty hearts can do that. ~Norman Vincent Peale #
- RT @MattJabs: RT @fcn: What do the FTC disclosure rules mean for bloggers? And what constitutes an endorsement? – http://bit.ly/70DLkE #
- Ordinary riches can be stolen; real riches cannot. In your soul are infinitely precious things that cannot be taken from you. ~Oscar Wilde #
- Today's quotes courtesy of the Quote Garden http://su.pr/7LK8aW #
- RT: @ChristianPF: 5 Ways to Show Love to Your Kids Without Spending a Dollar http://bit.ly/6sNaPF #
- FTC tips for buying, giving, and using gift cards. http://su.pr/1Yqu0S #
- .gov insulation primer. Insulation is one of the easiest ways to save money in a house. http://su.pr/9ow4yX #
- @krystalatwork It's primarily just chat and collaborative writing. I'm waiting for someone more innovative than I to make some stellar. in reply to krystalatwork #
- What a worthless tweet that was. How to tie the perfect tie: http://su.pr/1GcTcB #
- @WellHeeledBlog is giving away 5 copies of Get Financially Naked here http://bit.ly/5kRu44 #
- RT: @BSimple: RT @arohan The 3 Most Neglected Aspects of Preparing for Retirement http://su.pr/2qj4dK #
- RT: @bargainr: Unemployment FELL… 10.2% -> 10% http://bit.ly/5iGUdf #
- RT: @moolanomy: How to Break Bad Money Habits http://bit.ly/7sNYvo (via @InvestorGuide) #
- @ChristianPF is giving away a Lifetime Membership to Dave Ramsey’s Financial Peace University! RT to enter to win… http://su.pr/2lEXIT #
- @The_Weakonomist At $1173, it's only lost 2 weeks. I'd call it popped when it drops back under $1k. in reply to The_Weakonomist #
- @mymoneyshrugged It's worse than it looks. Less than 10% of Obama's Cabinet has ever been in the private sector. http://su.pr/93hspJ in reply to mymoneyshrugged #
- RT: @ScottATaylor: 43 Things Actually Said in Job Interviews http://ff.im/-crKxp #
- @ScottATaylor I'm following you and not being followed back. 🙁 in reply to ScottATaylor #
Consolidating Student Loans
This is a guest post.
If you owe on multiple student loans, you may have heard of or are considering consolidating your student loan debt. Whether you are fresh out of college or struggling with making multiple student loan payments, consolidating your debt can relieve you of that burden in exchange for one manageable monthly payment.
What is Student Loan Consolidation?
Student loan consolidation is one personal loan big enough to cover the amount owed on multiple student loans. The loan amount you receive is used to pay off the other student loans which leave you with a single monthly payment to make. You can consolidate all federal student loans with a debt consolidation program through the US Department of Education. Although FFELP, or Federal Family Education Loan Program, no longer offers debt consolidation, you can still be eligible through the US Department of Education. You may also still qualify for the federal student loan consolidation program even if your college does not participate in the Direct Loan Program. Many private lenders also offer student loan consolidation options as well.
Eligibility Requirements for Student Loans
You may be eligible to consolidate student loans if you are enrolled at part time status or less or if you are no longer in school. You would also be considered eligible by most lenders if you are within the loan’s grace period or are currently paying on your loans. You should also have your loans in good standing and have at least $5,000 owed in student loans. Each loan consolidation lender may have their own eligibility requirements, so it is best to check with the specific ones you are considering.
The Benefits of Loan Consolidation
There are numerous potential benefits to consolidating student loans including streamlining multiple payments into one affordable monthly payment. You may have multiple due dates on loans and you may be struggling to remember which one is due on which date. Streamlining your student loans is simpler and easier to remember, it also allows you better control over your budget.
Another benefit of choosing to consolidate student loans is extending the repayment terms. Many student consolidation loans can be obtained as long-term debt. Although it will require you to pay your loan for a longer time period, it does reduce the amount paid each month into a more affordable payment.
You will also pay a lower interest rate with a consolidated loan. The interest rate is determined by weighing all the interest on your loans and finding the average rate. You may have variable interest rates on your student loans and consolidating them can give you a fixed rate which is highly advisable given the uncertainty of the US economy.
A lowered interest rate and a longer repayment term mean a lower monthly payment than what you were currently paying on multiple loans. A smaller monthly payment leaves more money in your pocket at the end of the month and allows you to use that money elsewhere.
The Disadvantage of Debt Consolidation
It is important to be aware of all aspects of a student debt consolidation loan in order to make the best and most informed decision. There are some drawbacks to consolidating debt including having a higher repayment term which means you, in the end, will be paying more than if you paid it off sooner. You will also end up paying more in interest on a long-term loan than a short-term as less of the monthly payment is applied to the principle. You may also have to pay prepayment penalties depending on your original student loan terms. There are some student loans that prohibit paying them in one lump sum or ahead of the schedule without incurring a monetary penalty. You may also be required to repay any waived fees or rebates. Check your current student loan contracts to find out if you may be penalized for paying off the debt through a consolidation program.
Unfortunately, there are countless fraudulent and unscrupulous lenders trying to talk you into consolidating your student loans with enticing introductory rates or temptingly low monthly payments. However, it is essential to read all the small print before signing any contract in order to avoid the numerous scams out there. You should be wary of any lender that is promising really low interest rates. You can determine your potential interest rate by compiling all the student loans, adding their interest rate and determine the average. You may have to round up to the nearest one-eighth of a percentage. Beware a lender that promises an interest rate significantly lower than that interest rate.
3 Things Everyone Should Do Before the End of 2010
- Image via Wikipedia
New Year’s resolutions are great, but what are you doing the rest of the year? As we roll into summer and we see the year’s halfway point approaching, it’s important to look at our goals and our progress and see if we’re on track for where we want to be in our lives.
Financially, now is the time to start preparing for the new year. Don’t be like most people and wait until December to think about it.
Here’s a place to start:
- Max out your 401(k). If you are under 50 years old, your maximum annual contribution is $16,500. If you haven’t contributed to your 401(k), yet, this means you will have to deposit $2358 per month to max it out. If you would have started at the beginning of the year it would only be $1375 per month. If those numbers are out of reach, at least contribute enough to get your employer’s match. If your company matches 50% of your contribution up to 5%, you need to be contributing 5%. If your gross paycheck is $1000, you should contribute $50. If you do so, your company will be giving you $25. That’s free money and a 2.5% raise! With a pre-tax contribution, you are also lowering your taxable wage, so the 5% contribution is not lowering your take-home pay by 5%. In some cases, it may even raise your take-home pay!
- Know your money. Take some time to examine your income and your expenses. What are you having withheld? Will that leave you with a large tax bill next spring? Will it give you a huge tax refund, which is just an interest-free loan to the government? You withholding goal should be to pay nothing and receive nothing when you file your taxes in the spring. The less you withhold, the more you have for your daily expenses, but, if you withhold too much, you risk an unaffordable tax bill and possible penalties later. Look also at your expenses. Have you used your gym membership in the last few months? Cancel it. Do you know every cent you have to pay each month? Figure it out so you can plan the rest of your financial year. A budget is helpful here.
- Own your debt. “It’s not my fault.” “My ex stole my bank account.” “My dog ate the bill.” “My kidneys were stolen and I woke up in a bathtub full of ice and an invoice for services rendered.” “I lost my job.” “I have an X-Box addiction.” “I gave my credit card to a stripper, but we broke up. Go after the stripper.” Excuses. Here’s the thing: None of it matters. You owe the debt. Your choices are to pay the debt or file bankruptcy. Either way, you need to own the debt and take responsibility for whatever choices you made or debt you’ve accumulated. Denial is not a successful coping mechanism. Whatever you choose to do, know that it is your choice. You can’t hide from your bills or your $15/day “Venti Soy Hazelnut Vanilla Cinnamon White Mocha with extra White Mocha and caramel” habit.
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What are your financial plans for the rest of the year?
Update: This post has been included in the Festival of Frugality.
5 Ways to Change the World for the Better
- Image via Wikipedia
We are all stuck on the same planet with each other. There is nothing any of us are going to do to get the option of leaving for long. Do you want to live in a miserable, run-down world, or one that’s happy and filled with kittens and ice cream?
The kind of world you live in is more a function of your state of mind than the place you live, the job you have, or the person you married. Here are a few ways to improve that state of mind.
1. Be kind. Smile at a teller. Let someone merge in front of you in traffic. Drop a dollar in a homeless man’s jar. Have you ever had a lousy day make a total turnaround because of some inconsequential bit of yay? Doing some small act of kindness can make a world of difference in someone’s day. Next time you’re in the drive-through at Caribou, buy coffee for the person behind you. That random bit of love will put a smile on both your faces.
2. Be positive. Don’t complain. So many of us live in a negative world, watching the world go buy through coffin-colored glasses. Have you ever considered going an entire day without making a negative comment? A week? A month? Some of you are shaking your heads right now, thinking it’s impossible. Have you thought about how much happier you would be if you banned the negative crap in your life?
3. Be a good neighbor. We’ve all had the same problems: a neighbor that plays music too loud, too late; the jerk across the street who yells at you for park on the street in front of his house; the guy who’s too busy to mow his lawn; or the crazy cat lady who makes the entire neighborhood smell like a litter box. Don’t be that guy. I’ve had 90% of my neighbors for more than 5 years. If we don’t make accommodations for the people we have to deal with every day, we’re going to be miserable.
4. Learn something new. If you feel good about yourself, you feel better about the world. If you feel better about the world, you’re more likely to do things to improve it. One of the best ways to feel good about yourself is to improve yourself. Take a class, read a book, or find a mentor to teach you. The method doesn’t matter, just do something to learn something you’re interested in.
What are you doing to make your world better?
Make Extra Money: A Niche Site Walkthrough
Make Extra Money Part 1: Introduction
Right now, I have 7 sites promoting specific products, or “niche” sites. When those products are bought through my sites, I get a commission, ranging from 40-75%. Of those sites, 5 make money, 1 is newly finished, and 1 is not quite complete. I’m not going to pretend I’m making retirement-level money on these sites, but I am making enough money to make it worthwhile.
Make Extra Money Part 2: Niche Selection
These three topics have been making people rich since the invention of rich. Knowing that isn’t enough. If you want to make some money in the health niche, are you going to help people lose weight, add muscle, relieve stress, or reduce the symptoms of some unpleasant medical condition? Those are called “sub-niches”.
Making Extra Money Part 3: Product Selection
My niches site are all product-promotion sites. I pick a product–generally an e-book or video course–and set up a site dedicated to it. Naturally, picking a good product is an important part of the equation.
Make Extra Money Part 4: Keyword Research
If you aren’t targeting search terms that people use, you are wasting your time. If you are targeting terms that everybody else is targeting, it will take forever to get to the top of the search results. Spend the extra time now to do proper keyword research. It will save you a ton of time and hassle later. This is time well-spent.
Make Extra Money, Part 5: Domains and Hosting
In this installment, I show you how to pick a domain name and a website host.
Make Extra Money, Part 6: Setting Up a Site
A niche site doesn’t amount to much without, well, a site. In this installment, I show you how I configure a site, from start to finish.
Make Extra Money, Part 6.5: Why I Do It The Way I Do It
Several people have asked me to explain why I use the plugins and settings I use. This explains the “Why” behind Part 6.
More to come….
How devalued dollars can hit you in the pocket
The Bretton Woods Conference started the system now known as fixed rate exchange. After the 1944 conference, theUnited Statesattached dollars to gold with one ounce of
gold equal to $35.
The process changed in the 1970s, due to problems with inflation and currencies from other countries. The financial system of any country relates to the law of supply and demand.
As the demand for currency increases, the system undergoes appreciation. When the demand for currency drops, the system goes through depreciation. A country can devalue its currency based on lower demand.
For example, a country might equate 20 of its own currency for one American dollar. After the market fluctuates, the country devalues its money, making 40 of its currency equal to a single American dollar.
Devalued currency occurs in theUnited Statesduring periods of debt or recession. The government prints more money, which is worth less.
The country must have a way of covering its debts, such as with gold. If the country lacks adequate funds, the paper currency is essentially worthless.
A good example of this occurred during the American Civil War. The Confederates printed its own Confederate money. Once the war ended, the devalued money was worth nothing. Even today, the money only has a slight historical value.
American debt rises when the country goes through a recession or depression.Franceunderwent such a change when the country increased minimum wages and benefits for the working class.
The national debt continued rising and the country had no funds to pay back that debt. Fortunately, comparison sites like MoneySupermarket can help you find the best ways to save and make the most of your money when the value of American dollars drops.
Devalued dollars affect you because it reduces the amount of goods and services you can afford. Even simple things, such as buying car insurance or saving money takes more than it did before.
Devalued dollars increase inflation. As the country pumps out more money, stores and businesses increase prices.
You spend more money on the things you need every day, only to find yourself in debt once inflation ends. TheUnited Statesdevalued the dollar in the 1970s and again in 2001. During the 1970s, inflation hit gas stations particularly hard, leading to markups on gas prices and an overall gas shortage.
The 2001 inflation came with increased housing prices, car prices and food prices. Once the bottom fell out, millions of Americans found themselves further in debt. The devalued dollar affects you because it increases costs.
The value of gold, copper, silver and platinum rises, which in turns increases the prices of any items using those metals. Electronics, vehicles, construction and even jewelry prices increase.
Maximize your dollar amount now by saving money on travel expenses, home utilities and anything else you use on a daily basis. Reduce your overall costs before supply and demand causes a drop in the dollar value.
Anytime you use money, including paying student loan bills or insurance bills, you risk spending more than you should. As the dollar value drops, you will find yourself paying even more.
Brought to you by MoneySupermarket.
